Trade Idea Wrap-up: USD/JPY - Buy at 111.70

USD/JPY – 112.80

Most recent candlesticks pattern   : N/A

Trend                      : Up

Tenkan-Sen level              : 111.86

Kijun-Sen level                  : 111.84

Ichimoku cloud top             : 110.86

Ichimoku cloud bottom      : 110.58

Original strategy  :

Buy at 111.50, Target: 112.50, Stop: 111.15

Position :  –

Target :  –

Stop : –

New strategy  :

Buy at 111.70, Target: 113.00, Stop: 111.35

Position :  –

Target :  –

Stop : –

The greenback has surged again in US morning on dollar’s broad-based strength, signaling recent upmove is still in progress and may extend gain to 113.00-05 (61.8% Fibonacci retracement of 121.69-99.01), then 113.20 (61.8% projection of 106.03-111.36 measuring from 110.27), however, reckon 113.50-60 would hold on first testing due to near term overbought condition, bring retreat later.

In view of this, would not chase this rise here and would be prudent to buy dollar on subsequent pullback as 111.70-75 should limit downside. Below previous resistance at 111.36 would defer and risk correction to 111.00 but downside should be limited to 110.50-60 and price should stay above support at 110.27, bring another rally later.

Trade Idea Wrap-up: USD/JPY - Buy at 111.70